Current Situation:
Price Level: AVAX is trading around the 0.618 Fibonacci retracement level, a critical support area.
Bullish Bias: Holding above $29 is crucial to maintain a bullish outlook. Losing this level would suggest a return to bearish conditions.
Trade Strategy:
Entry Criteria:
Deviation and Reclaim: Wait for the price to deviate below the support and then reclaim it by breaking the trend.
Change of Character: Alternatively, wait for the price to form higher highs and enter on the subsequent higher low.
Entry Point: Enter a long position between $31 to $33.
Take Profit Targets:
Primary Target: $42
Secondary Target: $50
Stop Loss: Set a stop loss at a daily close below $29 to manage risk.
Summary:
For AVAX, maintaining the 0.618 Fibonacci retracement level is essential for a bullish outlook. Enter a long position between $31 to $33 if the price reclaims support or shows a change in character. Set take profit targets at $42 and $50, and place a stop loss at a daily close below $29 to limit potential losses.
Price Level: AVAX is trading around the 0.618 Fibonacci retracement level, a critical support area.
Bullish Bias: Holding above $29 is crucial to maintain a bullish outlook. Losing this level would suggest a return to bearish conditions.
Trade Strategy:
Entry Criteria:
Deviation and Reclaim: Wait for the price to deviate below the support and then reclaim it by breaking the trend.
Change of Character: Alternatively, wait for the price to form higher highs and enter on the subsequent higher low.
Entry Point: Enter a long position between $31 to $33.
Take Profit Targets:
Primary Target: $42
Secondary Target: $50
Stop Loss: Set a stop loss at a daily close below $29 to manage risk.
Summary:
For AVAX, maintaining the 0.618 Fibonacci retracement level is essential for a bullish outlook. Enter a long position between $31 to $33 if the price reclaims support or shows a change in character. Set take profit targets at $42 and $50, and place a stop loss at a daily close below $29 to limit potential losses.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.